The company has successfully strengthened its solvency position, expanding its total equity base from $20.3 billion in 2023Q4 to $32.0 billion by 2026Q1, providing a substantial buffer against underwriting volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 122.21B | 123.04B | 105.75B | 88.69B | 75.47B | 71.13B | 64.1B | 54.91B | 46.58B | 38.7B | 33.43B | 29.82B | 25.79B | 24.41B | 22.69B | 21.84B | 21.15B | 20.05B | 18.25B | 18.84B | 19.48B | 18.9B | 17.18B | 16.28B | 13.56B | 11.12B | 10.05B | 9.7B | 8.46B | 7.56B | 6.18B |
| Asset Growth % | 59.54% | 16.35% | 19.23% | 17.53% | 6.09% | 10.97% | 16.73% | 17.9% | 20.35% | 15.78% | 12.1% | 15.63% | 5.65% | 7.55% | 3.89% | 3.28% | 5.49% | 9.86% | -3.14% | -3.28% | 3.09% | 9.98% | 5.54% | 20.03% | 21.96% | 10.65% | 3.57% | 14.67% | 11.95% | 22.25% | 15.53% |
| Total Investment Assets | 4M | 97.37B | 156.2B | 128.17B | 103.06B | 96.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 342B | 77.66B | 80.25B | 66B | 53.55B | 51.51B | -42.03B | -34.91B | -29.91B | -23.07B | -19.82B | -17.5B | -15.7B | -14.81B | -13.76B | -13.31B | -1.09B | -1.08B | -1.15B | -382.4M | -581.2M | -773.6M | -1.38B | -648M | -567.8M | -227.4M | -186.8M | -229M | -441.9M | -409.4M | -159.7M |
| Short-Term Investments | 2.13B | 19.71B | 75.95B | 62.17B | 49.51B | 44.82B | 42.03B | 34.91B | 29.91B | 23.07B | 19.82B | 17.5B | 15.7B | 14.81B | 13.76B | 13.31B | 1.09B | 1.08B | 1.15B | 382.4M | 581.2M | 773.6M | 1.38B | 648M | 567.8M | 227.4M | 186.8M | 229M | 441.9M | 409.4M | 159.7M |
| Total Current Assets | 20.08B | 40.16B | 23.32B | 79.56B | 66.26B | 59.84B | 54.65B | 46.65B | 36.78B | 28.96B | 24.71B | 21.92B | 19.43B | 18.27B | 17.19B | 16.47B | 4.27B | 3.76B | 3.63B | 2.85B | 3.17B | 3.38B | 3.8B | 3.13B | 2.42B | 2.01B | 2.1B | 2.35B | 2.28B | 1.99B | 1.39B |
| Cash & Equivalents | 162M | 125M | 143M | 85M | 203.5M | 187.1M | 76.5M | 226.2M | 69.5M | 265M | 211.5M | 224.1M | 108.4M | 75.1M | 179.1M | 155.7M | 158.9M | 160.7M | 2.9M | 5.8M | 5.6M | 5.6M | 20M | 12.1M | 16.9M | 11.2M | 8.9M | 14.2M | 18.6M | 23.3M | 15.4M |
| Receivables | 78.96B | 20.11B | 19.13B | 17.05B | 16.25B | 14.38B | 12.18B | 10.89B | 6.5B | 5.42B | 4.51B | 3.99B | 3.54B | 3.31B | 3.18B | 2.93B | 2.93B | 2.45B | 2.41B | 2.4B | 2.5B | 2.5B | 2.68B | 2.35B | 1.96B | 1.9B | 2.04B | 2.27B | 2.02B | 1.48B | 1.13B |
| Other Current Assets | 182M | 13M | -72.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 6.32B | 2.04B | 2.19B | 1.92B | 314.2M | 570M | 624.1M | 681M | 747.3M | 819.3M | 882.2M | 942.5M | 12.9M | 447.6M | 434.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 228M | 228M | 227.9M | 452.7M | 452.7M | 452.7M | 452.7M | 452.7M | 449.4M | 447.6M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 2.04B | 1.96B | 1.69B | 86.3M | 117.3M | 171.4M | 228.3M | 294.6M | 366.6M | 432.8M | 494.9M | 11.3M | 447.6M | 434.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 792M | 783M | 790M | 881M | 1.03B | 1.14B | 1.11B | 1.21B | 1.13B | 1.12B | 1.18B | 1.04B | 960.6M | 960.9M | 933.7M | 911.3M | 932.6M | 961.3M | 997.1M | 1B | 973.4M | 758.7M | 666.5M | 584.7M | 503.1M | 498M | 504.5M | 447.7M | 376.2M | 260.4M | 169.9M |
| Other Assets | 1.73B | 1.64B | -804M | -59.66B | -45.69B | -41.93B | 49.74B | 41.28B | 37.78B | 30.87B | 26.48B | 23.43B | 21.08B | 19.54B | 17.79B | 17.58B | 16.85B | 15.99B | 13.96B | 15.27B | 15.9B | 15.39B | 14.09B | 13.14B | 11.2B | 8.66B | 7.4B | 6.87B | 6.06B | 5.6B | 4.72B |
| Total Liabilities | 90.17B | 92.72B | 80.15B | 68.41B | 59.57B | 52.9B | 47.06B | 41.24B | 35.75B | 29.42B | 25.47B | 22.53B | 18.86B | 18.22B | 16.69B | 16.04B | 15.1B | 14.3B | 14.04B | 13.91B | 12.64B | 12.79B | 12.03B | 11.25B | 9.8B | 7.87B | 7.18B | 6.95B | 5.91B | 5.42B | 4.51B |
| Total Debt | 8.39B | 6.9B | 6.89B | 6.89B | 6.39B | 4.9B | 5.4B | 4.91B | 4.4B | 3.31B | 3.15B | 2.71B | 2.16B | 1.86B | 2.06B | 2.44B | 1.96B | 2.18B | 2.18B | 2.17B | 1.19B | 1.28B | 1.28B | 1.49B | 1.49B | 1.1B | 748.8M | 1.05B | 776.6M | 775.9M | 775.7M |
| Net Debt | 8.22B | 6.77B | 6.75B | 6.8B | 6.18B | 4.71B | 5.32B | 4.68B | 4.34B | 3.04B | 2.94B | 2.48B | 2.06B | 1.79B | 1.88B | 2.29B | 1.8B | 2.02B | 2.17B | 2.17B | 1.18B | 1.28B | 1.26B | 1.48B | 1.47B | 1.08B | 739.9M | 1.03B | 758M | 752.6M | 760.3M |
| Long-Term Debt | 8.39B | 6.9B | 6.89B | 6.89B | 6.39B | 4.9B | 5.4B | 4.41B | 3.91B | 37.1M | 3.15B | 2.71B | 2.16B | 1.86B | 1.91B | 1.94B | 1.96B | 2.18B | 2.18B | 2.17B | 1.19B | 1.28B | 1.28B | 1.49B | 1.49B | 1.1B | 748.8M | 1.05B | 776.6M | 775.9M | 775.7M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 499.4M | 499.1M | 3.27B | 0 | 0 | 0 | 0 | 149.9M | 499.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 81.78B | 68.53B | 62.91B | 0 | 5.53B | 6.07B | 4.96B | 5.12B | 5.55B | 6.75B | 2.5B | 2.07B | 1.89B | 1.78B | 1.83B | 2.27B | 0 | 0 | 0 | 0 | 0 | 1.51B | 1.32B | 1.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 9.46B | 0 | 0 | 0 | 5.53B | 6.07B | 4.96B | 4.62B | 5.05B | 3.48B | 2.5B | 2.07B | 1.89B | 1.78B | 1.68B | 1.77B | 0 | 0 | 0 | 0 | 0 | 1.51B | 1.32B | 1.29B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 27.89B | 25.22B | 23.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 44.44B | 43.31B | 39.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 17.29B | 10.35B | 61.52B | 47.65B | 41.78B | 36.4B | 31.6B | 26.3B | 22.49B | 19.72B | 17.64B | 14.7B | 14.54B | 12.94B | 11.83B | 13.14B | 12.12B | 11.86B | 11.73B | 11.45B | 10B | 9.42B | 8.47B | 8.31B | 6.78B | 6.43B | 5.9B | 5.13B | 4.65B | 3.73B |
| Total Equity | 32.04B | 30.32B | 25.59B | 20.28B | 15.89B | 18.23B | 17.04B | 13.67B | 10.82B | 9.28B | 7.96B | 7.29B | 6.93B | 6.19B | 6.01B | 5.81B | 6.05B | 5.75B | 4.22B | 4.94B | 6.85B | 6.11B | 5.16B | 5.03B | 3.77B | 3.25B | 2.87B | 2.75B | 2.56B | 2.14B | 1.68B |
| Equity Growth % | 99.34% | 18.49% | 26.21% | 27.6% | -12.84% | 7% | 24.61% | 26.35% | 16.55% | 16.69% | 9.16% | 5.21% | 11.94% | 3.04% | 3.45% | -4% | 5.22% | 36.37% | -14.59% | -27.91% | 12.1% | 18.47% | 2.48% | 33.51% | 15.91% | 13.27% | 4.25% | 7.65% | 19.72% | 27.37% | 13.63% |
| Shareholders Equity | 32.04B | 30.32B | 25.59B | 20.28B | 15.89B | 18.23B | 17.04B | 13.67B | 10.82B | 9.28B | 7.96B | 7.29B | 6.93B | 6.19B | 6.01B | 5.81B | 6.05B | 5.75B | 4.22B | 4.94B | 6.85B | 6.11B | 5.16B | 5.03B | 3.77B | 3.25B | 2.87B | 2.75B | 2.56B | 2.14B | 1.68B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 29.61B | 27.33B | 24.28B | 18.8B | 15.72B | 15.34B | 13.35B | 10.68B | 8.39B | 6.03B | 5.14B | 4.69B | 4.13B | 3.5B | 3.45B | 3.5B | 3.6B | 3.68B | 2.7B | 2.93B | 4.65B | 4.73B | 3.81B | 3.73B | 2.8B | 2.5B | 2.22B | 2.21B | 1.93B | 1.53B | 1.15B |
| Common Stock | 584M | 586M | 586M | 585M | 584.9M | 584.4M | 585.2M | 584.6M | 583.2M | 581.7M | 579.9M | 583.6M | 587.8M | 595.8M | 604.6M | 613M | 662.4M | 672.6M | 676.5M | 680.2M | 748M | 197.3M | 200.4M | 216.4M | 218M | 73.4M | 73.5M | 73.1M | 72.5M | 72.3M | 71.5M |
| Accumulated OCI | -471M | 103M | -1.42B | -1.62B | -2.8B | 40.7M | 931.7M | 341.7M | -120.9M | 1.28B | 933.4M | 800.4M | 1.02B | 951.7M | 871M | 692.5M | 783.7M | 453.2M | -51.9M | 492.8M | 604.3M | 398.7M | 444.8M | 425M | 169.3M | 125.9M | 64.7M | -12.4M | 103.7M | 122.3M | 74M |
| Return on Equity (ROE) | 35.45% | 40.45% | 36.98% | 21.58% | 4.23% | 19% | 37.15% | 32.42% | 26.01% | 18.47% | 13.52% | 17.83% | 19.53% | 19.11% | 15.28% | 17.13% | 18.11% | 21.23% | -1.53% | 20.07% | 25.44% | 24.75% | 32.37% | 28.54% | 19.01% | 13.44% | 1.64% | 11.12% | 19.46% | 20.98% | 19.9% |
| Return on Assets (ROA) | 9.59% | 9.89% | 8.72% | 4.76% | 0.98% | 4.96% | 9.59% | 7.82% | 6.13% | 4.41% | 3.26% | 4.56% | 5.1% | 4.95% | 4.05% | 4.72% | 5.19% | 5.52% | -0.38% | 6.17% | 8.58% | 7.73% | 9.85% | 8.41% | 5.41% | 3.89% | 0.47% | 3.25% | 5.7% | 5.82% | 5.44% |
| Equity / Assets | 26.22% | 24.65% | 24.2% | 22.86% | 21.06% | 25.63% | 26.58% | 24.9% | 23.24% | 23.99% | 23.8% | 24.45% | 26.87% | 25.36% | 26.47% | 26.58% | 28.6% | 28.67% | 23.1% | 26.19% | 35.14% | 32.32% | 30% | 30.9% | 27.78% | 29.23% | 28.55% | 28.37% | 30.21% | 28.25% | 27.12% |
| Debt / Equity | 0.26x | 0.23x | 0.27x | 0.34x | 0.40x | 0.27x | 0.32x | 0.36x | 0.41x | 0.36x | 0.40x | 0.37x | 0.31x | 0.30x | 0.34x | 0.42x | 0.32x | 0.38x | 0.52x | 0.44x | 0.17x | 0.21x | 0.25x | 0.30x | 0.40x | 0.34x | 0.26x | 0.38x | 0.30x | 0.36x | 0.46x |
| Book Value per Share | 54.59 | 51.55 | 43.54 | 34.51 | 27.07 | 31.05 | 29.00 | 23.29 | 18.45 | 15.85 | 13.60 | 12.37 | 11.65 | 10.25 | 9.88 | 9.12 | 9.12 | 8.62 | 6.26 | 6.87 | 8.84 | 7.64 | 5.96 | 5.70 | 4.22 | 3.61 | 3.22 | 3.08 | 2.85 | 2.36 | 1.83 |
| Tangible BV per Share | 54.59 | 48.08 | 39.82 | 31.25 | 26.53 | 30.08 | 27.93 | 22.13 | 17.17 | 14.45 | 12.09 | 10.77 | 11.63 | 9.51 | 9.17 | 9.12 | 9.12 | 8.62 | 6.26 | 6.87 | 8.84 | 7.64 | 5.96 | 5.70 | 4.22 | 3.61 | 3.22 | 3.08 | 2.85 | 2.36 | 1.83 |
Claims severity and inflation
As reported in recent financial statements, Progressive has grown its total assets from $88.7 billion in 2023Q4 to $122.2 billion by 2026Q1, reflecting a consistent trajectory of capital accumulation that appears to be driven by strong underwriting performance and successful market share expansion across its core segments.
The steady increase in total assets relative to liabilities suggests that the company is effectively scaling its balance sheet to support higher premium volumes. This expansion appears to be managed with discipline, as equity has grown in tandem, indicating that the company is not over-leveraging its operations to chase growth.
Based on the quarterly data, Progressive's claims and loss reserves have fluctuated between $12.2 billion and $19.0 billion, a trend that suggests management maintains a conservative approach to reserving for future liabilities despite the inherent volatility of the property and casualty insurance market's loss cycles.
The variation in reserve levels appears to correlate with periods of higher loss ratios, implying that the company is proactively adjusting its balance sheet to account for emerging claims trends. Investors should monitor whether these reserve levels remain sufficient if social inflation continues to drive up the average cost of claims.
According to the provided balance sheet figures, Progressive has successfully increased its equity base from $20.3 billion in 2023Q4 to $32.0 billion in 2026Q1, which indicates a strengthening capital position that provides a significant buffer against potential underwriting shocks or unexpected spikes in catastrophic loss events.
This consistent growth in equity suggests that the company is retaining a substantial portion of its underwriting profits to bolster its solvency. Such a capital structure appears to provide management with significant flexibility for future strategic initiatives or potential capital returns, provided the combined ratio remains within its target range.
As indicated by the 2025Q3 loss ratio spike to 84.2%, the company's balance sheet remains sensitive to external inflationary pressures, which may suggest that the current reserve levels could face future downward pressure if repair costs for modern, technology-heavy vehicles continue to outpace historical actuarial expectations.
While the current balance sheet appears strong, the potential for persistent severity inflation warrants further investigation into the adequacy of long-tail reserves. If the company's pricing models fail to keep pace with these rising costs, the current underwriting profitability may prove to be less sustainable than it currently appears.
Quick answers to the most common questions about buying PGR stock.
As of 2025, The Progressive Corporation (PGR) had total assets of $123.04B including $40.16B in current assets.
The Progressive Corporation (PGR) carries total debt of $6.90B, offset by $19.84B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Progressive Corporation (PGR) has total shareholders' equity (book value) of $30.32B ($51.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Progressive Corporation (PGR) reported a current ratio of 0.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.